Question
Specific Identification, FIFO, LIFO, and Weighted-Average Swing Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as follows: Units Unit
Specific Identification, FIFO, LIFO, and Weighted-Average
Swing Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as follows:
Units | Unit Price | Total Cost | |||
---|---|---|---|---|---|
October 1, 20-1 | Beginning inventory | 400 | $20 | $8,000 | |
October 18 | 1st purchase | 510 | 20.5 | 10,455 | |
November 25 | 2nd purchase | 200 | 21.5 | 4,300 | |
January 12, 20-2 | 3rd purchase | 350 | 23 | 8,050 | |
March 17 | 4th purchase | 880 | 24 | 21,120 | |
June 2 | 5th purchase | 850 | 24.5 | 20,825 | |
August 21 | 6th purchase | 200 | 25.5 | 5,100 | |
September 27 | 7th purchase | 730 | 26.5 | 19,345 | |
4,120 | $97,195 |
Use the following information for the specific identification method.
There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units:
100 are from October 18, 20-1 | 1st purchase |
200 are from January 12, 20-2 | 3rd purchase |
100 are from March 17 | 4th purchase |
400 are from June 2 | 5th purchase |
200 are from August 21 | 6th purchase |
300 are from September 27 | 7th purchase |
Required:
Calculate the total amount to be assigned to cost of goods sold for the fiscal year ended September 30, 20-2, and ending inventory on September 30, 20-2, under each of the following periodic inventory methods. For the weighted-average method, round the average unit cost to two decimal places. Round all final answers to the nearest dollar.
Cost of Goods Sold | Cost of Ending Inventory | |
1. FIFO | ||
2. LIFO | ||
3. Weighted-average | ||
4. Specific identification |
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